25 Financial instruments Loans and borrowings
Group 2021 £m
Company 2021 £m
Group 2020 £m
Company 2020 £m
Non-current Variable rate: Revolving credit facility
(33.2)
– –
(99.2)
– –
–
Bank term loan
–
(33.2)
–
(99.2)
–
Current Variable rate: Bank term loan
–
–
–
–
–
–
–
–
Total loans and borrowings (excluding lease liabilities)
(33.2)
–
(99.2)
–
116.5
0.6
Cash
95.0
6.8
Net cash/(debt 1 ) (excluding lease liabilities)
83.3
0.6
(4.2)
6.8
Non-current Lease liabilities Current Lease liabilities
(29.3)
–
(32.9)
–
(5.1)
–
(5.3)
–
Net cash/(debt 1 )
48.9
0.6
(42.4)
6.8
Reconciliation of movements in liabilities to cash flows arising from financing activities
2021 £m
2020 £m
Group
Revolving credit facility/bank term loan: Drawdown on facility
12.0
44.3
(72.4)
Repayment of facility
–
–
Transaction costs
(1.0)
0.2
Release of deferred arrangement fees
0.2 0.6
(5.8)
Foreign exchange movement
Movement in borrowings
(66.0)
44.1
IFRS 16 lease liability: IFRS 16 transition adjustment
–
35.7 10.7
3.1
New leases entered into
(0.9) (6.0) (1.2)
Leases terminated
(2.9) (5.3) (1.2)
Principal element of lease payments Interest element of lease payments
1.2
Interest cost (non-cash)
1.2
Movement in lease liabilities
(3.8)
38.2
Financial risk management The Group has exposure to the following risks from its use of financial instruments: • Credit risk
• Liquidity risk • Currency risk • Interest rate risk The Board has overall responsibility for establishing appropriate management of exposure to risk. The Audit Committee oversees how management identifies and addresses risks to the Group.
NCC Group plc — Annual report and accounts for the year ended 31 May 2021
173
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